I remember wondering aloud at MIT/Harvard putting their courses online for free for anyone to listen to, and saying, well what is the value add then of paying to physically go to college? I guess we're going to find out whether the networking, friends, social aspect is worth it. There's also something about the competitive aspect of seeing other people in person do better than you or have better ideas than you. Which…
I know this might not be received well by the HN crowd, but I feel like the classes and networking are secondary, the main value of a reputable college is having a reputable college you can put on your résumé.
That might be true for software developers but it's certainly not true for any other engineering field, medicine, most sciences, etc. that require labs or other equipment. The university I attended had its own research reactor on-site for its nuclear engineering program.
It's not even really true for software developers at the top end of the spectrum. Sure, if you're entering a software career trajectory where your education is unnecessary (which is most of them these days), then, yes, going to an elite school is a waste. If you plan to be building OSes, programming languages, doing AI/ML, etc, then learning that stuff from people who know where the cutting edge is invaluable.